Millennials are overconfident and underprepared for managing their money, according to new research from the Denver-based National Endowment for Financial Education.
Only 24% of the millennial respondents (23-to-35-year-olds) showed basic financial literacy in the study while only 8% demonstrated a high level of knowledge. That may not be all surprising considering that only 22% of millennials have received some form of financial education, the NEFE study found.
Nevertheless, 69% of millennials gave themselves a high self-assessment of financial knowledge.
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